TUC Budget Submission 2012

A budget to tackle the jobs and growth crisis

The Chancellor must acknowledge the economic case for reversing his austerity plans and introduce bold measures to support investment and young people to get the economy up and running again, says the TUC budget submission.

The TUC submission says that with growth flat-lining, unemployment far higher than expected and the government having to borrow an extra £158 billion as a result, the economic case for a change of direction is overwhelming.

With even senior government ministers admitting that there is no co-ordinated plan for growth, the TUC is calling on the Chancellor to focus his efforts on tackling record levels of youth unemployment and creating incentives to encourage companies to invest more of the £724 billion they are currently sitting on to get the economy growing again.

The TUC submission also calls for:

• A new initiative on bank lending with net (rather than gross) lending targets.
• A strengthening of the government's apprenticeship programme by introducing a minimum three-year duration and the right for trainees to graduate to a level three apprenticeship.
• The introduction of a modern industrial strategy that focuses on procurement and targets support at high growth sectors such as high value manufacturing and pharmaceuticals.

Download TUC Budget Submission 2012 [PDF]